Freddie Mac purchased $40.5 billion of HARP 2.0 loans from its seller/servicers during the first six months of this year, according to new figures released by the GSE.
At least 200,000 borrowers refinanced under the Home Affordable Refinance Program during the first-half of 2012, the company reported Tuesday in its second quarter securities filing.
The Federal Housing Finance Agency revised the HARP program in late 2011, giving servicers new incentives to refinance more high LTV loans, including notes with ratios above 125%. One HARP 2.0 incentive involved reduced buyback risk by not requiring certain representations and warranties.
“As of June 30, we have purchased approximately $27 billion of HARP loans with reduced representations and warranties,” Freddie said in its quarterly financial report.
The second quarter report shows nearly 38,400 Freddie loans ($8.1 billion) with LTVs above 125% were refinanced during the first-half thanks to the HARP 2.0 changes.
Freddie began purchasing HARP 2.0 refinancings in January. It was previously reported that Freddie purchased just $5 billion in HARP loans during the first quarter.